FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 21, 2011 --
How are banks and credit unions different?
Banks work for their shareholders, but Credit Unions work for their members. That's how they can give better rates on loans, higher yields on savings and lower fees on transactions. Hawthorne is a not-for-profit institution that is owned and operated by and for its members.
Because Hawthorne is owned and operated by and for its members, it is constantly listening to members' input to ensure a high level of customer satisfaction. At Hawthorne, they set you on the right path to planning your future today, so you can begin realizing your dreams for tomorrow.
Hawthorne Credit Union began during the Great Depression in 1935, a time when many financial institutions were going out of business and those who were in business weren’t interested in serving the working-class people. In fact, there were fewer than six credit unions in Illinois when our founders, Senn Heath & other Western Electric employees, began their planning. They were intrigued by the concept of “people helping people”.
Each member joined the credit union with just 25 cents – their membership share – and contributed 25 cents each payday. Members saved together and made small loans to each other. Members paid back the loans each payday, a process that is still in place today. Many of our long-term members say they used the credit union to save for major purchases, like their first home.
The credit union provided working-class people an affordable loan source, as opposed to borrowing from family or from Al Capone’s gangsters, who ran their operations out of Cicero at the time. Their first home (& our namesake) was at Western Electric's famous Hawthorne Works Plant in Cicero, Illinois. Their founding members made the Western Electric phones that were the mainstay of the U.S. telephone system. The credit union had an office at the Hawthorne Works Plant until the mid-80’s when the Western Electric plant was closed.
With nearly 12,000 members & more than $110 million in assets, Hawthorne Credit Union is among the largest credit unions in Illinois. Given our Western Electric beginnings, it's certainly not surprising that many Hawthorne Credit Union members come from Lucent Technologies, AT&T, Ameritech & other telecommunications companies. Today, employees at more than 100 different companies - ranging from hotels & car rental agencies to computer consultants & printers - are members of Hawthorne Credit Union.
Benefits of Membership
Your Credit Union Membership entitles you to many premium services available only to our select groups. Credit unions are not-for-profit financial cooperatives. They return all excess income to our members in the form of better rates and lower fees. They offer the same financial products as other financial institutions, but they do it as a service, not as a source of income. That's why you'll notice that their fees are significantly lower.
Eligibility
Not a member of Hawthorne Credit Union? You can join if:
- You live or work within the counties of, DuPage, Kane, Kendall, Will or In Cook County west of Route 83.
- If your employer offers Hawthorne Credit Union as an employee benefit.
Not sure if your company is a credit union sponsor? You may contact us or your Benefits Department.
Or, if you are a clergy or member with the United Church of Christ, Disciples of Christ, and affiliated churches within the State of Illinois.
For more information visit Hawthorne Credit Union's profile on Storeboard.com - The Social Media Site For Business at http://www.storeboard.com/hawthornecreditunion
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